“Vintage artefacts add to the quaint country pub feel, making it a popular venue for weddings and functions, overnight lodgings, or simply enjoying drinks in the sun with friends.”

Montgomery says the neighbouring Hotel Grand Mercure Monaco Resort helps to drive the pub’s business, with resort guests often wandering across the road to investigate the unique hotel for dinner and drinks.

The Honest Lawyer’s lease has about four and a half years of the current term remaining, with two further rights of renewal of six years each.

The lease is currently returning $291,795 per annum plus GST, with the tenant responsible for all outgoings.

“Although the tenant utilises the whole property currently, the lease provides the landlord with the right to subdivide off the tip of the peninsula with no reduction in passing rental,” Montgomery says.

Commercial zoning

“The absolute waterfront land is zoned Suburban Commercial, which allows for a range of permitted activities including commercial and residential uses.”

Montgomery says the landscaped, vacant land is key to understanding the value of the property. It sits well above council’s flood modelling for year 2100.

“The property would either suit a purchaser wanting to build a home in this magnificent location, with uninhibited views across the estuary to the western ranges, while enjoying rental income from the hotel complex, or a residential or commercial developer.”

Montgomery says the Monaco area is a popular weekend destination for locals, as well as guests of the award-wining Mercure resort across the road.

It is less than 9km from Nelson CBD, and a short distance from Nelson Airport and the Nelson Golf Links.

Nelson benefits from New Zealand’s ongoing tourism boom, which is helping to drive economic growth.